Public-private Cooperation And Innovation Work Hand In Hand

Solving our current housing crisis is a complicated task. I applaud government officials and builders/developers who come up with innovative solutions to attack at least part of the challenge. Recently, High Art Capital announced the launch of a $1.3 billion GTA Rental and Affordable Housing Initiative (www.newsfilecorp.com/release/288033). Through this program, they will obtain blocks of newly completed yet unsold condominium units and convert them into long-term rental housing. A commitment from Building Ontario Fund (BOF) has enabled High Art Capital to take advantage of the rare opportunity right now to achieve this kind of conversion to long-term rental supply at scale.

Of the 2,200 rental units expected to be delivered, about 550 will be affordable rentals that will be protected in perpetuity. A not-for-profit organization will allocate the affordable units to eligible applicants. This is a prime example of the public and private sectors working together to come up with yet another innovative approach to part of our housing dilemma.

It is an ideal time right now to buy in bulk while there is so much inventory available. Bulk prices are great, providing you can hold on to your investment for a few years. Remember that there is only so much land available for development in the Greater Toronto Area. Even if you are not financially able to purchase condo units in bulk, you might want to consider adding a unit or two to your portfolio. As I have written many times, owning real estate is a safer and more understandable investment than stocks. Kudos to High Art Capital and BOF for their collaborative action!